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COMPANY REGISTRATION NUMBER: 03995313
An-Elec Services Limited
Filleted Unaudited Financial Statements
30 June 2023
An-Elec Services Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
120,574
464,414
Current assets
Stocks
23,972
65,319
Debtors
6
474,833
1,044,727
Investments
7
300,000
Cash at bank and in hand
1,479,688
515,101
--------------
--------------
1,978,493
1,925,147
Creditors: amounts falling due within one year
8
1,551,897
360,269
--------------
--------------
Net current assets
426,596
1,564,878
-----------
--------------
Total assets less current liabilities
547,170
2,029,292
Provisions
Taxation including deferred tax
30,125
21,044
-----------
--------------
Net assets
517,045
2,008,248
-----------
--------------
Capital and reserves
Called up share capital
101
101
Profit and loss account
516,944
2,008,147
-----------
--------------
Shareholders funds
517,045
2,008,248
-----------
--------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
An-Elec Services Limited
Statement of Financial Position (continued)
30 June 2023
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 February 2024 , and are signed on behalf of the board by:
Mr S J Andersen
Director
Company registration number: 03995313
An-Elec Services Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Gas Road, Sittingbourne, Kent, ME10 2QB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 17 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
353,561
34,261
189,671
29,005
606,498
Additions
49,485
4,602
54,087
Disposals
( 353,561)
( 45,057)
( 398,618)
-----------
----------
-----------
----------
-----------
At 30 June 2023
34,261
194,099
33,607
261,967
-----------
----------
-----------
----------
-----------
Depreciation
At 1 July 2022
28,820
94,725
18,539
142,084
Charge for the year
1,088
24,252
4,589
29,929
Disposals
( 30,620)
( 30,620)
-----------
----------
-----------
----------
-----------
At 30 June 2023
29,908
88,357
23,128
141,393
-----------
----------
-----------
----------
-----------
Carrying amount
At 30 June 2023
4,353
105,742
10,479
120,574
-----------
----------
-----------
----------
-----------
At 30 June 2022
353,561
5,441
94,946
10,466
464,414
-----------
----------
-----------
----------
-----------
6. Debtors
2023
2022
£
£
Trade debtors
359,667
733,403
Other debtors
115,166
311,324
-----------
--------------
474,833
1,044,727
-----------
--------------
7. Investments
2023
2022
£
£
Other investments
300,000
-----
-----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,365
Trade creditors
110,607
107,886
Corporation tax
83,602
88,480
Social security and other taxes
23,663
7,078
Other creditors
1,323,660
156,825
--------------
-----------
1,551,897
360,269
--------------
-----------
9. Director's advances, credits and guarantees
No Directors' transactions were undertaken such as are required to be disclosed under Financial Reporting Standard 102.
10. Related party transactions
On 30 June 2023 the company's freehold property and Leasehold Improvements at its office were transferred to the director at market value.
11. Controlling party
The company was under the control of Mr Stuart Andersen, managing director, throughout the current and previous year up to 30th June 2023. On that date Mr Andersen sold his entire shareholding. Mr Andersen is now personally interested in 0% (2022 - 100%) of the company's share capital. Since 30th June 2023 100% of the company's share capital has been owned by BR-Elec Services Ltd (UK Co. 14997145) of The Red Lion, The Square, Lenham, Kent, ME17 2PG.